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G20: PM calls for a new global index in post-pandemic world

  • Posted By
    10Pointer
  • Categories
    World Affairs
  • Published
    23rd Nov, 2020

Context

  • The 15th summit of G20 leaders was held recently.

Key-highlights of the Summit

  • The Virtual Summit was hosted by Saudi Arabia which assumed the G20 2020Presidency on the 1 December 2019.
  • Theme: The Summit under Saudi Presidency centered on the theme "Realizing Opportunities of 21st Century for All” which has assumed greater importance in the wake of the ongoing COVID-19 pandemic.
  • Agenda: The agenda of the Summit is focused on overcoming the pandemic, economic recovery and restoring jobs, and building an inclusive, sustainable and resilient future.
  • India will host the G20 summit in 2022.

What India had suggested?

  • India called out for a new global index in post-pandemic world.
  • The new global index for the post-Corona world that comprises four key elements-
    1. creation of a vast talent pool
    2. ensuring that technology reaches all segments of the society
    3. transparency in systems of governance
    4. dealing with Mother Earth with a spirit of trusteeship

Outcomes of the Summit

  • The Summit culminated in the adoption of the Leaders’ Declaration, and with Saudi Arabia passing on the presidency to Italy.

G20

  • The G20 is an international forum for the governments and central bank governors from 19 countries and the European Union (EU).
  • It was founded in 1999 with the aim to discuss policy pertaining to the promotion of international financial stability.
  • The G20 has expanded its agenda since 2008.
  • The G20 economies account for around 90%of the gross world product (GWP), 80% of world trade, two-thirds of the world population, and approximately half of the world land area.